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20100701
20100731
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correspondent for "u.s. news & world report." and lynette cox, "perfect credit seven steps to a great credit rating" is out this month. thanks for being here, guys. first things first. finally this is through. what's in it that really matters? >> well, there are some new things for consumers to protect them from some of the problems that we had before, notably on the mortgage front. it was a big problem before. mortgage brokers will no longer see the bonuses that actually encourage them to put people in more expensive bad loans. the prepayment penalties are not gone but they're restricted. that's a terrible thing where they give you a lousy loan and then it makes it almost financially impossible for you to get out of it. >> also, the consumer protection agency, a lot of lobbyists for and against this but bottom line, it is in that bill. >> it is but we don't know what it is going to do yet. a lot has to do with who runs it. it's interesting, because a lot of problems that this is going to go after have sort of solved themselves already. banks have stopped giving bad loans to people who can't
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